CAJ | 학술논문

我国上市公司普遍存在金字塔型的股权结构，使得终极控制人的控制权与现金流量权发生分离，这很有可能会引发一系列的委托代理问题。因此本文以我国金字塔类家族上市公司2008-2010年的有效样本数据为研究对象，对家族上市公司的上市方式、股权集中度、股权制衡程度、现金流权、控制权以及两权分离程度、股权结构和公司绩效的关系进行理论分析和实证研究，有着重要的实践指导价值。研究结果表明，直接上市的家族公司绩效整体上优于间接上市的家族公司，家族企业的股权集中度与企业绩效呈现显著的倒 U 型关系，股权制衡程度与企业绩效负相关，现金流权与企业绩效不存在显著的相关关系，两权分离度与企业绩效负相关。
아국상시공사보편존재금자탑형적고권결구，사득종겁공제인적공제권여현금류량권발생분리，저흔유가능회인발일계렬적위탁대리문제。인차본문이아국금자탑류가족상시공사2008-2010년적유효양본수거위연구대상，대가족상시공사적상시방식、고권집중도、고권제형정도、현금류권、공제권이급량권분리정도、고권결구화공사적효적관계진행이론분석화실증연구，유착중요적실천지도개치。연구결과표명，직접상시적가족공사적효정체상우우간접상시적가족공사，가족기업적고권집중도여기업적효정현현저적도 U 형관계，고권제형정도여기업적효부상관，현금류권여기업적효불존재현저적상관관계，량권분리도여기업적효부상관。
The Ownership structure of listed companies in China are widespread pyramid structure, making the separation of control and cash flow rights with the ultimate control owners. This is likely to trigger a series of principal-agent problems. So based on the valid sample data of pyramid kind of listed family companies in China in 2008-2010 years, this paper make theoretical analysis and empirical research of mode of listed family companies, the degree of ownership concentration and equity balance, cash flow rights, control and two rights separation degree and the relationship between ownership structure and corporate performance, which have important practical guidance value. The results of the study show that, on the whole, directly listed family companies performance is better than that of indirect listed family firms. The concentration of family enterprise ownership and corporate performance has significantly inverted u-shaped relationship, equity balance degree is negatively related to the enterprise performance, cash flow right and enterprise performance have no significant correlation, two rights separation degree and enterprise performance have a negative correlation, and the market directly family company performance is superior to the whole of the family of the listed company indirectly.